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Risk sentiment soured yesterday after the release of the hawkish FOMC Minutes. Stocks went lower and the U.S. dollar extended its winning streak to four consecutive days against most currencies. AUD/USD was also hit yesterday on tepid wage inflation data. If the current mode continues, the pair will be testing 0.775, and possibly 0.765, soon.
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Will Cable make up its mind after retail sales report?
U.K. CPI hit 3.0% on the year-over-year basis for the first time since 2013. Wage inflation ticked higher too, but is running well below the inflation level, making it hard for the Bank of England to justify the impending bank rate hike.
Cable is holding just above 50 DMA ahead of the retail sales report at 08:30 GMT. We may see more selling on a weaker number than buying on a stronger one. 1.2950 - 1.30 is the target area, if the pair continues lower. 1.3450 - 1.35 is the target area, it the pa…
Cable is holding just above 50 DMA ahead of the retail sales report at 08:30 GMT. We may see more selling on a weaker number than buying on a stronger one. 1.2950 - 1.30 is the target area, if the pair continues lower. 1.3450 - 1.35 is the target area, it the pa…